IP Advance: New Financial Support Scheme for SMEs Launched by the IPO

IP Advance has two distinct tiers of support and funding, with SMEs able to apply for either one or both levels of funding:

IP Audit

• The IPO will provide funding of £2,250 (inclusive of VAT) towards the cost of an audit of your IP.  The SME will engage an IP Professional (such as Myerson Solicitors) to conduct a comprehensive IP Audit of the business's IP.  The nature and scope of the audit will be dictated by the application made to the IPO.
• The SME must contribute an additional £750 (including VAT) towards the total cost of the IP Audit.

IP Access

• This usually follows the IP Audit, with the IPO making a further contribution of £2,250 (inclusive of VAT) for an IP Professional to progress and implement recommendations set out in the IP Audit Reports or to provide further professional advice relating to commercialising the business's IP assets (this can include the preparation of trademark, design, or patent applications).
• The SME must contribute at least 50% to the overall service costs carried out by the IP Professional.

The IP Advance scheme is being delivered exclusively through the IPO’s regional partners:

• England – Innovate UK Business Growth
• Northern Ireland – Invest Northern Ireland
• Scotland – Scottish Enterprise, South of Scotland Enterprise, and Highlands and Islands Enterprise
• Wales – Welsh Government

You can apply for funding for your business by contacting the relevant regional partner via one of the links above. All applications for IP Advance funding are subject to assessment, and funding is not guaranteed.

As the scheme is only available to SMEs, your business must meet the UK government’s definition of a micro-entity, or small or medium enterprise, including having fewer than 250 employees, an annual turnover of less than £36 million and a maximum balance sheet total of £18 million.